Chinese court recognized BC as private property

Aramazdi

newbie

Activity: 71

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Quote from: iTradeBit on October 27, 2018, 03:23:20 AM

Hello, friends. How will this story affect the market in your opinion?

The International Arbitration Court of Shenzhen recognized Bitcoin as property not subject to the ban of the People’s Bank of China on trading in digital money and holding an ICO.
"The decision states that Chinese laws do not prohibit the possession and operations with bitcoins, which must be protected by law, since they have the nature of ownership and economic value".

Another question: how do you find Bitcoin relate to private property?

clear ownership of bitcoin is a private property that only we know, but the Chinese government considers ownership of bitcoin is considered a property is a form of recognition of a country to the legality of bitcoin itself, news like this will not have a broad influence on the movement of bitcoin prices throughout the world, so the owners of bitcoin China can breathe a sigh of relief that the government does not prohibit the ownership of crypto currencies ..

palle11

sr. member

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Quote from: ?? on ??

China is a big country that has accepted bitcoin as a very good private asset, a country with a tremendous amount of bitcoin. This is a very good future for the growth market.

But come to think of it, bitcoin is suppose to be an independent and private asset that an individual can decide to hold or not to hold rather than these bid to try and regulate what is going on with it. China can decide to keep being hostile to the detriment of her citizen but I guess they are opening up gradually again.

timerland

hero member

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Quote from: iTradeBit on October 27, 2018, 03:23:20 AM

Hello, friends. How will this story affect the market in your opinion?

The International Arbitration Court of Shenzhen recognized Bitcoin as property not subject to the ban of the People’s Bank of China on trading in digital money and holding an ICO.
"The decision states that Chinese laws do not prohibit the possession and operations with bitcoins, which must be protected by law, since they have the nature of ownership and economic value".

Another question: how do you find Bitcoin relate to private property?

Great news for bitcoin holders in China.

This decision essentially means that the government is saying that holding bitcoin is legal, transacting with crypto is legal, but buying/selling and running crypto related businesses are still frowned upon in the country.

I think that most bitcoin users will be satisfied with this result, and means that buyers can still turn to overseas exchanges to acquire bitcoin if they would like to acquire bitcoin. However, this decision isn't a guarantee that bitcoin ownership would be outlawed in the future at some stage, because of the fact that this policy is able to be changed at any given time if China deems that they want to crack down on things. Still though, if they do go with that route, it'll be pretty much impossible to enforce which is why they're recognizing bitcoin as property right now in the first place.

BitHodler

legendary

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Quote from: Kemarit on November 12, 2018, 03:49:13 AM

But the damage has been done already, although their sphere of influence is still felt because they have total monopoly of mining.

It's not as bad as it looks nowadays. China's economic dominance in the mining industry is shrinking day by day with how miners are heading out before they are forced to head out or to stop mining entirely.

It's impossible to know how much of Bitcoin's current hashrate is still coming from China, but it wouldn't surprise me if it's around or even less than 50%. Scandinavian countries are quickly catching up.

People wrongly assume that pools are one entity, which isn't the case at all. Most of the pools you see consist of individual miners for the most part, and these miners can point their hashrate to any other pool if they so wish.

1Referee

legendary

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Quote from: Theb on November 12, 2018, 11:58:12 AM

A lot of people outside of China still thinks that BTC is illegal in their country, I just hope this court ruling will help change a lot of misunderstandings in the future as bad news from China is what really is affecting the prices right now.

It's a local ruling, which won't do much other than offering hope to people for a wider level adoption of similar thought.

China has different parts where crypto exchanges are blacklisted and thus not accessible through the clear net, but there are other parts where people can freely access every exchange without any problems. Some of these exchanges even allow Chinese registrants, while others want nothing to do with them.

I always thought there was just one main government body ruling the whole country, but apparently there are more goverment bodies with enough 'freedom' to walk a different path locally.

Theb

hero member

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In terms of price action, I think that we are seeing now that it didn't affect the price of Bitcoin at all. This is good news but it didn't get too much hype in the mass media streams that is why it didn't trigger any FOMO. But legally speaking this court ruling will give precedent in future cases issued to their judicial department as earlier BTC has been identified as personal property which is good as they gave it a classification in their country. A lot of people outside of China still thinks that BTC is illegal in their country, I just hope this court ruling will help change a lot of misunderstandings in the future as bad news from China is what really is affecting the prices right now.

marcbitcoins

full member

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Bitcoin is a private property like an assets in which the owners have exclusive and absolute legal rights to keep and hold as many as you can for your future use and the Chinese court is right to declared it as private property as it was not ban by the Chinese government but only the ICOs.

Kemarit

legendary

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Quote from: Harlot on October 31, 2018, 01:59:52 PM

It has been clarified for a long time now that Bitcoin is by no means illegal in China, there are even a lot of cryptocurrency centered companies originating from China like Bitmain, Huobit, and OKex. The only thing messing up the truth is the never ending fake sources of news for their country. These content creators are not tired of giving misleading news and fake ones in order to get money out of the traffic they are making. The only way to stop this is to have a smarter audience but the problem is a perfect scenario like that won't ever happen.

Exactly, media really made it bad by portraying bitcoin is totally ban in China where in fact what PBoC did was to clamp down on all crypto trading with a ban of foreign exchanges and ICO offerings. We can even says that trading is still alive in China by going full OTC or by just going to HongKong to continue their activity. But the damage has been done already, although their sphere of influence is still felt because they have total monopoly of mining. To the OP, regarding you question about Bitcoin's related private property, here is a good discussion thread: Are Bitcoin private property.

olubams

hero member

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The media is always dominated with the wrong news without bothering to correct any misconception that could arise from such reportage especially when it comes to the crypto industry. I have seen newspapers houses publish an apology, a rebuttal or a withdrawal of the news they earlier published. Times without number it has been reported that bitcoin in Chinese jurisdiction was never banned as it was the raising of funds by the ICOs promoters that was banned due to the series of frauds that has been recorded in that venture and that is what has remained which means this is not something new that demands any special attention.

magneto

hero member

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We've known this previously.

There was at no stage a ban on bitcoin as something that you are able to hold. The bans came in the form of bitcoin exchanges and also investments relating to bitcoin, but China seems to still hold a neutral stance when it comes to ownership alone.

I doubt that this will be able to affect the bitcoin sphere that much, partially due to the fact that China's influence on bitcoin has already diminished thus far. But it is a good clarification for all the bitcoin holders within China, and good to see that the government isn't going overboard and attempt a futile attempt at banning everything.

Tapyaks72

member

Activity: 490

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Quote from: ?? on ??

China is a big country that has accepted bitcoin as a very good private asset, a country with a tremendous amount of bitcoin. This is a very good future for the growth market.

Finally Chinese governments come out wit the good decisions about crypto currency finally recognized as a private property belongings, in which I think a very reasonable decision and it will boasts the popularity of it and widen its coverage all over the world and the price becoming will pump because of trust since China is one of the biggest in economy.

avikz

legendary

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First of all, International Arbitration Courts are a part of International Chamber of commerce and it doesn't have the power to force a country to comply with their statements. These courts are mainly used to resolve border and international trade related disputes but it entirely depends on a country whether to comply with it or not!! Also possession of crypto is not a crime in china, so the verdict doesn't add up any value to the existing legislation.

The important question here is, whether cryptos can be classified as a property or not!!! I am strongly against this idea of classifying cryptos as a property. Bitcoin is one of a kind currency which doesn't really fall under any existing category!

There are several countries classified bitcoin in 4 broad categories as below,

1. Property
2. Commodity
3. Security
4. Private money/ value transfer tool

However, I strongly believe that bitcoin can't be classified in any existing category because of its nature and structure. It needs to be classified in some different category.

A lot of brainstorming will be needed to correctly classify it, but its definitely not a property! Probably going back to Satoshi's vision will help us to derive something, but definitely not a property!

Harlot

hero member

Activity: 1806

Merit: 672

It has been clarified for a long time now that Bitcoin is by no means illegal in China, there are even a lot of cryptocurrency centered companies originating from China like Bitmain, Huobit, and OKex. The only thing messing up the truth is the never ending fake sources of news for their country. These content creators are not tired of giving misleading news and fake ones in order to get money out of the traffic they are making. The only way to stop this is to have a smarter audience but the problem is a perfect scenario like that won't ever happen.

rolleth.io

jr. member

Activity: 214

Merit: 1

This is great news! If the Chinese authorities openly declare that Bitcoin is privately owned, then this directly indicates that at the moment Bitcoin is already an independent currency! Why is it privately owned? Hmm, maybe from the fact that it is obtained by mining?

roosbit

member

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Merit: 43

Random coins :)

For China this is good news ,hope other court rooms follow the same ruling but unfortunately this is not the first time the bitcoin topic was brought up in a court. And as records show different judgments have being passed which have gone for or against bitcoin which doesn't make a unanimous front for bitcoin support.

coin8coin8

member

Activity: 168

Merit: 47

False Moon

In fact, your point of view is incorrect. China’s civil law always regards Bitcoin as a kind of virtual property.
In addition, your translation is very bad,In this case, the Chinese Court thinks like this，I tried to translate the original words of the court:

Quote from: iTradeBit on October 27, 2018, 03:23:20 AM

Another question: how do you find Bitcoin relate to private property?

Bitcoin is a virtual property that is part of private property for any country that recognizes virtual property.
It includes most countries such as China, the United States, and Japan.
However, some countries in Europe do not seem to recognize virtual property. such as Germany’s law states that “property must be physically present”.
If I am wrong, please correct me.

iTradeBit

jr. member

Activity: 224

Merit: 1

Hello, friends. How will this story affect the market in your opinion?

The International Arbitration Court of Shenzhen recognized Bitcoin as property not subject to the ban of the People’s Bank of China on trading in digital money and holding an ICO.
"The decision states that Chinese laws do not prohibit the possession and operations with bitcoins, which must be protected by law, since they have the nature of ownership and economic value".

Another question: how do you find Bitcoin relate to private property?

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